SB111: relative to persons conducting securities broker-dealer and investment advisor businesses.

CHAPTER 224

SB 111 – FINAL VERSION

01Jun2005… 1444h

2005 SESSION

05-0965

06/03

SENATE BILL 111

AN ACT relative to persons conducting securities broker-dealer and investment advisor businesses.

SPONSORS: Sen. Boyce, Dist 4; Sen. Clegg, Dist 14; Sen. Letourneau, Dist 19; Sen. Odell, Dist 8; Rep. Newton, Straf 1; Rep. Weyler, Rock 8

COMMITTEE: Banks and Insurance

AMENDED ANALYSIS

This bill prohibits any branch office or agent of a broker-dealer or investment advisor from conducting a securities or investment advisory business under any name other than that of the broker-dealer or investment advisor with which it is associated. This bill also exempts television, radio, and billboard advertising from the requirement that it set forth the business activity conducted and certain agency relationships when the advertising pertains to a non-securities product.

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Explanation: Matter added to current law appears in bold italics.

Matter removed from current law appears [in brackets and struckthrough.]

Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

01Jun2005… 1444h

05-0965

06/03

STATE OF NEW HAMPSHIRE

In the Year of Our Lord Two Thousand Five

AN ACT relative to persons conducting securities broker-dealer and investment advisor businesses.

Be it Enacted by the Senate and House of Representatives in General Court convened:

224:1 Securities; Licensing Requirements; Certain Advertising Excepted. Amend RSA 421-B:6, V(b) to read as follows:

(b) It is prohibited for any branch office or agent of a broker-dealer or investment adviser to conduct a securities or investment advisory business in this state under any name other than that of the broker-dealer or investment adviser with which the branch office is associated or agent is licensed. If more than one business enterprise is conducted from a branch office location, disclosures shall clearly [and equally] set forth what business activity is conducted by each organization and each licensed agent's relationship to each organization; provided, however, that this requirement shall not apply to television, radio, or billboard advertising that pertains exclusively to a non-securities product.

224:2 Effective Date. This act shall take effect January 1, 2006.

(Approved: July 5, 2005)

(Effective Date: January 1, 2006)